Turkey is still falling short in implementing effective mechanisms in combating money laundering and terrorist financing, although it has made some progress since it was put on a grey list by the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog.
According to a report issued by the FATF in July 2023, Turkey still has strategic deficiencies in complying with the recommendations made by the FATF. The report urged Turkey to undertake more complex money laundering investigations and prosecutions and to conduct more financial investigations in terrorism cases. Additionally, the country was advised to prioritize investigations and prosecutions related to UN-designated terrorist groups.
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In order to address these deficiencies and improve its anti-money laundering/combating the financing of terrorism (AML/CFT) regime, Turkey would need to take further measures to strengthen its financial regulatory framework, enhance law enforcement efforts and cooperate internationally to prevent money laundering and terrorist financing activities.
Continue here: Nordic Monitor
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